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Dar equities market up 49.6% to 1.89bn/- on pre-arranged transactions

by Editor
09/10/2023
in Markets
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Dar equities market up 49.6% to 1.89bn/- on pre-arranged transactions
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Tanzania’s equities market surged by 49.6% to post 1.89bn/- total market turnover during the trading session last week as compared to 1.26bn/- recorded during the previous week.

This increase turnover can be attributed to an increase in pre-arranged transactions, with counters such as NMB recording block trades during the week.

Despite the substantial surge in turnover, the total market capitalization contracted due to a decline in the prices of certain cross stocks.

According to available data from the Dar es Salaam Stock Exchange (DSE) market capitalization slightly decreased by 0.85% to 14.73bn/- while domestic market capitalization experienced a slight increase of 0.42%, extending its gains, with a closing value of 1.,37bn/-

Throughout the week, counters that recorded substantial trading activity included NMB, CRDB, and DSE, accounting for 66.36%, 23.19%, and 3.91% of the total market turnover, respectively.

Brokers at the Dar es Salaam Stock Exchange (DSE). Tanzania’s equities market surged by 49.6% to post 1.89bn/- total market turnover during the trading session last week as compared to 1.26bn/- recorded during the previous week. PHOTO | COURTESY.

During the week, five counters witnessed price gains with TICL having an impressive week, with its stock price rising by 9.09% to 180/- per share.

The TCCL stock registered, a 2.33% gain, bringing its stock price to 1,760/- while NICO showed resilience with a 2.00% gain, resulting in a price of 510/-

 NMB continues it bullish run with a 1.30% increase in its stock price, reaching 4,660/- while CRDB closed the week with a gain of 1.14%, pushing its stock price to 445/-

On the losers’ side, only MPB registered price decline dropping by 1.75% to end the week at 280/-

According to the Zan Securities Chief Executive Officer Raphael Masumbuko, foreign investors continue to remain bearish on key blue-chip stocks, resulting in a net outflow of 1.4nm/- within the week.

“This shift in sentiment was primarily driven by concerns related to foreign exchange issues. Looking ahead, stocks such as NICOL, TOL, and NMB are expected to maintain their favourable valuations in the coming weeks, indicating the potential for further upward movement in their prices,” Masumbuko said.

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
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